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Supervisory authority ESMA is calling for EU-wide stewardshipcode to hone and standardise investors’ engagement efforts and disclosures. There’s also the stewardshipcode introduced by the European Fund and Asset Management Association (EFAMA), which was first adopted in 2011.
In March, the FRC updated its ‘ Approach to Audit Supervision ’ document, which outlines how it supervises audit firms. The document now includes a Public Interest Entities Auditor Registration, supervisor letters, and Single Quality Plans. At the time of writing, the FRC has not responded to a request for comment.
However, the funds, data and analytics provider also found that asset managers are being increasingly transparent in advance of voting, through stewardship reports, more granular policy statements and more specific voting guidance.
This may be tested soon, given the AGs also demanded documents relating to the insurers’ membership of the Net Zero Asset Owner Alliance , to which several major insurers also belong. End of the line? – The post Take Five: US AGs Cast a Long Shadow appeared first on ESG Investor.
Rules of engagement Closely linked to Listings Rules revamp in the eyes of asset owners is the Financial Reporting Councils (FRC) proposed changes to the UK StewardshipCode, which now numbers 297 signatories, representing 52.3 trillion assets under management.
Proposed revision to stewardship definition seen as potentially weakening ambition and fostering distance between investment decisions and their impacts. A tweak to the Financial Reporting Council’s (FRC) definition of stewardship in a proposed update to the UK StewardshipCode has been received with alarm by asset owners and managers.
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